A 12%, 1-year, $10,000 note payable was issued on October 1, 2018. Assuming no interest had been accrued or paid previously, how much interest expense should be accrued on December, 31, 2018? $1,200 b) $300 c) $200 1 N 2 a) 3 4 5 d) $0 6 e) None of the above 7 B 9 0 1 2 c) $77,050 3 d) $10,450 4 e) None of the above 5 3. Gross earnings for a pay period are $100,000. Required payroll deductions are: Social Security $6,700; Medicare $1,450; Federal Income tax $10,000; State Income tax $2,500; Federal Unemployment taxes of $1,500 and State Unemployment taxes of $800. How much cash will be paid to employees? a) $100,000 b) $79,350